Protecting your mortgage from death, disability, or critical illness is easy.
However, you must qualify health wise.
While most people can get a policy without issue, it is important to look at all of your options with an independent agency like us at Seniors Mutual.
We work with 25+ different companies to find the best rates or best product for anyone.
Read on to see how to get mortgage protection with critical illness cover and compare rates.
Table Of Contents
- What Is Mortgage Protection With Critical Illness Cover?
- How Much Does It Pay Out?
- How Much Is It?
- Age Range
What Is Mortgage Protection With Critical Illness Cover?
Mortgage protection insurance pays your mortgage if you get sick. It also pays in the event of your death or disability.
Rates vary company to company, but all policies will be a type of life insurance, as this is insuring your life.
How Much Does Mortgage Protection Pay With Critical Illness Cover?
How much mortgage protection will pay if you are ever diagnosed with a critical illness depends on the company and type of illness.
However, below is a general rule of thumb for most companies.
A chronic illness is when you cannot perform normal activities of daily living or have a cognitive impairment.
If you are diagnosed with this, you can use up to 25% of the total face amount every year while still living to help pay for mortgage payments.
A critical illness is when you are diagnosed with severe cancer, heart attack, stroke, alzheimer’s, renal failure, organ failure, or ALS.
If you are diagnosed with one of these conditions after the police is in force, you can accelerate up to 95% of the face amount at the time of diagnosis, with a maximum of $500,000.
A terminal illness is a non-correctable illness where death is expected in less than 12 months.
If you are diagnosed with this condition you can accelerate up to 95% of the face amount at the time of diagnosis, with a maximum of $500,000.
All of these critical illness covers are free of charge with a mortgage protection policy to help pay for mortgage payments while still living or medical expenses if need be so the family can stay in or keep the home.
Any money you take out for an illness will reduce the face amount/death benefit by that amount.
How Much Is Mortgage Protection With Critical Illness Cover?
Rates for mortgage protection with critical illness cover vary company to company, and depending on your age and how much coverage you are needing.
You can visit our critical illness cover calculator or fill out our form here to see sample rates and quotes for different coverage amounts.
In the end, it will require a conversation over the phone to look over health concerns and see how much coverage you may qualify for.
What Ages Can Get Mortgage Protection Insurance With Critical Illness Cover?
You can get mortgage protection insurance with critical illness cover all the way up to age 80.
However, you will still have to go through underwriting and qualify based on your health.
Almost everyone we work with can qualify with one of the companies we work with.
Mortgage life insurance with critical illness cover is necessary to protect your home and mortgage so your family can stay in the home or at the bare minimum give them the time to sell the home.
It doesn’t have to be hard to find and you don’t have to search far and wide.
Seniors Mutual is an independent agency that specializes in this type of coverage for all ages.
Reach out or fill out our quoter to see sample rates for different coverage amounts or term lengths.
We look forward to speaking with you.